What Is The Additional Homestead Property Tax Exemption Amendment?
In November 2023, a referendum will be held on the Additional Homestead Property Tax Exemption Amendment. This amendment seeks to provide additional tax relief to homeowners in the state of Florida. This is the first time such an amendment has been proposed in the state and if passed, it would provide an additional homestead property tax exemption of up to 25% of the assessed value of the property. This means that the amount of property taxes owed by a homeowner would be reduced substantially. The amendment would also provide additional tax credits to those who are disabled and/or elderly.
What are the Benefits of the Amendment?
The Additional Homestead Property Tax Exemption Amendment would provide significant tax relief to homeowners in the state of Florida. Homeowners who currently have homestead exemptions of up to 25% of their property’s assessed value would see a decrease in their property taxes. Additionally, those who are disabled and/or elderly would be eligible for additional tax credits. This could amount to hundreds of dollars in savings each year.
Who Would Be Eligible For the Amendment?
The Additional Homestead Property Tax Exemption Amendment would be available to all homeowners in the state of Florida. To qualify, a homeowner would need to own and occupy a homestead property as their primary residence. The property must also be assessed at or below the average statewide median appraised value, which is currently $151,000. Homeowners would also be required to meet certain income requirements. For example, a single-family homeowner must earn less than $90,000 annually to be eligible for the exemption.
What is the Impact of the Amendment?
If passed, the Additional Homestead Property Tax Exemption Amendment would provide significant tax relief to homeowners in the state of Florida. It is estimated that the average homeowner would save up to $500 a year in property taxes. This amount could be higher for those who are disabled and/or elderly and are eligible for additional tax credits. Additionally, the amendment would help reduce the amount of money that is collected in property taxes, which could help reduce the burden on local governments.
What is the Process for Voting on the Amendment?
In November 2023, the Additional Homestead Property Tax Exemption Amendment will be put to a statewide referendum. All registered voters in the state of Florida will be able to cast their votes on the amendment. It is important to note that if the amendment passes, it will become effective immediately, meaning that property taxes will be reduced for the upcoming tax year.
What Steps Must Homeowners Take to Take Advantage of the Amendment?
If the Additional Homestead Property Tax Exemption Amendment passes, homeowners will need to take a few steps in order to take advantage of the tax relief. Homeowners will need to contact their local county assessor's office to determine if they are eligible for the exemption. Additionally, homeowners will need to fill out an application and submit it to the county assessor's office. The application will require homeowners to provide proof of income and other financial information.
Conclusion
The Additional Homestead Property Tax Exemption Amendment is an important step in providing tax relief to homeowners in the state of Florida. If passed, it could provide significant savings for homeowners, especially those who are disabled and/or elderly. It is important to note that the amendment will be put to a statewide referendum in November 2023. Homeowners should contact their local county assessor's office to determine if they are eligible for the exemption and to learn more about the application process.